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BankPurely Review 2022

Published March 2022 by Karen Bennett

AT A GLANCE
4.5

Bankrate Score

bank-logo

Free Checking

High APYs

Consumers looking for a bank that supports environmental initiatives may find BankPurely a good choice. It offers a range of deposit products, many with competitive APYs.

  • Checking
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    4.8
  • CDs
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    4.4
  • MMAs
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    4.4
  • Savings
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    My Banking Direct, a service of NY Community Bank

    Member FDIC

    Savings account

    1.25 % APY

    $ 1

    Min. balance for APY

    Barclays

    Member FDIC

    Savings account

    1.10 % APY

    $ 0

    Min. balance for APY

    Overall

    4.5

    Bankrate Score

    BankPurely is a financial institution created for environmentally conscious consumers.

    What we like

    • BankPurely provides an eco-friendly banking option for environmentally conscious consumers.

    • All deposit products pay APYs above the national average or better.

    • Account holders have free access to thousands of ATMs.

    What we don't

    • Only one CD term is offered.

    • A steep $25,000 deposit is needed to open the money market account and earn interest.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    A $100 deposit is required to open BankPurely’s checking account, called Checking Purely. The account pays a strong APY for a checking account and doesn’t charge a monthly fee. Account holders get a free Mastercard BankPurely debit card and free access to more than 55,000 Allpoint ATMs.

    BankPurely doesn’t offer access to a peer-to-peer payments service such as Zelle.

    What we like

    • The Checking Purely account doesn’t charge a monthly fee.

    • It pays a strong APY for a checking account.

    • Account holders have free access to thousands of ATMs.

    What we don't

    • The bank doesn’t offer access to a P2P payments service.

    CD rates

    4.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    BankPurely offers what it calls PurelyCDs. The bank offers a one-year CD that pays an APY that’s well above the national average but also short of what some other online banks offer. It’s $1,000 minimum opening deposit is inline with many competitors.

    Savers looking for a range of CD terms or a specialty CD will have to look elsewhere.

    What we like

    • BankPurely’s one-year CD requires only $1,000 to open.

    What we don't

    • Only one standard term is offered.

    • Better APYs can be found elsewhere.

    • The bank doesn’t offer any specialty CDs.

    Money market accounts

    4.4

    Bankrate Score

    BankPurely’s PurelyMoneyMarket pays a competitive APY. There’s no monthly service fee, but account holders need to deposit at least $25,000 to open and earn interest.

    The account doesn’t include check-writing privileges but does come with a complimentary ATM card.

    What we like

    • The PurelyMoneyMarket account offers a strong APY.

    • There’s no monthly service fee.

    • Account holders can get a free ATM card.

    What we don't

    • There’s a steep $25,000 deposit needed to open the account and earn interest.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    BankPurely’s SavingsPurely savings account pays an APY that’s above the national average, though consumers searching for more competitive yields can easily find higher rates elsewhere. The account requires only $100 to open, and it doesn’t charge a monthly fee.

    What we like

    • BankPurely’s savings account requires only $100 to open.

    • There’s no monthly service fee.

    What we don't

    • The APY is above the national average, but you can find higher yields elsewhere.

    Bank experience

    BankPurely says it’s a “purely digital experience, specifically crafted for people banking on a better world.” The bank offers tools and features to help support its eco-friendly mission, which includes online banking, as well as a mobile app for iOS and Android devices. Customers can deposit checks through the app.

    Customer service representatives are available seven days a week from 7 a.m. to 11 p.m. Eastern time.

    About BankPurely

    BankPurely, a division of Flushing Bank, is a financial institution created for environmentally conscious consumers. The bank has no branches, helping to reduce its carbon footprint, and uses paperless bill pay and e-statements. BankPurely even says it will plant a tree for every account opened.

    BankPurely offers a range of deposit products that pay competitive annual percentage yields (APYs) and charge no fees.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.